Centaurus Financial Inc. Purchases 137 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Centaurus Financial Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 5.4% in the third quarter, Holdings Channel.com reports. The firm owned 2,681 shares of the software company’s stock after buying an additional 137 shares during the period. Centaurus Financial Inc.’s holdings in Adobe were worth $1,388,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Hemenway Trust Co LLC raised its stake in shares of Adobe by 53.1% during the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after purchasing an additional 3,539 shares during the period. Crestwood Advisors Group LLC lifted its holdings in Adobe by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after purchasing an additional 1,464 shares in the last quarter. Anchor Investment Management LLC lifted its holdings in Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares in the last quarter. Finally, Fairscale Capital LLC bought a new position in Adobe in the 2nd quarter worth about $1,318,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADBE. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. UBS Group decreased their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Citigroup raised their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

View Our Latest Research Report on ADBE

Adobe Trading Up 1.5 %

NASDAQ ADBE opened at $512.15 on Monday. The firm has a market cap of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a 50-day moving average of $503.13 and a 200-day moving average of $519.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Adobe Profile

(Free Report)

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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